In the present study, nucleophilic substitution reactions of hexachlorocyclotriphosphazene (1) and 4‐triphenylmethylaniline (2) were carried out under different mole ratios. As a result of the reactions, mono (3), bis geminal (4), tetrakis geminal (5), and hexakis substituted (6) cyclotriphosphazene derivatives formed. The product diversity and yields of new cyclotriphosphazene derivatives (3–6) were comprehensively investigated by using the proton‐decoupled 31P Nuclear Magnetic Resonance (NMR) spectra of the reaction mixtures. Pure cyclotriphosphazene derivatives (3–5) have been characterized by 1H, 13C and 31P NMR, MALDI‐TOF mass and elemental analyses. The structure of compound 4 was also elucidated by single crystal X‐ray diffraction technique. Along with the spectroscopic techniques, the thermal stabilities of 4‐triphenylmethylaniline substituted cyclotriphosphazene derivatives (4 and 5) were determined by thermogravimetric analysis (TGA) technique.